Dogecoin’s data has seen an incredible increase over the past 3 days, showing that a Dogecoin whale moved over $9 million in DOGE to Binance as the coin’s price rose.
Dogecoin Whale invests $9.4 million
A large DOGE transaction was detected by Whale Alert, a tracker for major cryptocurrency transactions. The total transfer amount was 113,000 DOGE, and the coins were worth about $9.4 million at the time of the transaction.
Since then, however, the price of Dogecoin has continued to explode, rising by more than 50% in the past 24 hours alone, causing the value of those 113,000 Dogecoins to now exceed $13 million.
Such large cryptocurrency exchanges are often owned by individual whales or entities made up of multiple investors. Other details of the transfer show that it was transferred from an unknown wallet, possibly a personal wallet, to the cryptocurrency exchange Binance.
This is an example of a stock market entering a trade. This could mean a drop in the price of Dogecoin as investors often deposit funds into exchanges to sell, as a large inflow could be a signal for whales to sell their holdings.
Dogecoin still looks strong
So far, memecoin doesn’t seem to have lost any momentum from this stock market entry. However, the whales may have already made a sale and are just waiting for the right opportunity to sell.
A few days ago, another big transaction took place on the Dogecoin blockchain; this one was about 94,000 DOGE in size and was worth $7.2 million at the time of transfer. Currently, this equates to $12.7 million.
As you can see above, this whale entry is also heading to Binance. An interesting point to note is that the sender address of this transaction is exactly the same as one of the inputs of the new transaction.
The Binance wallet address is also the same between the two transactions. This may indicate that the same whale is included in both entries. At the time of writing, the price of Dogecoin is hovering around $0.13, having gained 123% over the past week. In the past month, memecoin is up 117%. The chart below shows the trend of cryptocurrency prices over the past five days.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should understand that cryptocurrencies are risky due to their high volatility and should trade based on their own research.
Source of information: Compiled from COIN-TURK by 0x information.The copyright belongs to the author Alican Ülker and may not be reproduced without permission